Syria has just exported its first cargo of crude oil in 14 years after the U.S. Administration revoked in June the sanctions on the country that has been in a prolonged war over the past decade and a half.
Syria shipped on Monday 600,000 barrels of heavy crude oil from the port of Tartus under an agreement to sell the cargo to B Serve Energy, a company affiliated with global trading firm BB Energy, Riyad al-Joubasi, assistant director for oil and gas at Syria’s Energy Ministry, told Reuters.
The 14 years of civil war and proxy wars in Syria have halted official oil exports and devastated vital infrastructure. Before the war, Syria was exporting 380,000 barrels of oil per day (bpd).
Syrian leader Bashar al-Assad was toppled in December 2024 and the Islamist-led government that succeeded him has promised to restore the country and revive its economy.
One way to boost the economy is the return of oil production and exports.
During the 14 years of civil war, the oilfields in Sysria, which are predominantly located in the northeast, have changed hands several times. The northeast territory is held by Kurdish-led authorities. The Kurds began to provide crude oil to the central government of Syria in February.
Then in June, U.S. President Donald Trump signed an executive order “terminating the Syria sanctions program to support the country’s path to stability and peace.”
The order removed sanctions on Syria but maintained sanctions on Bashar al-Assad (who is believed to be granted asylum in Russia), his associates, human rights abusers, drug traffickers, persons linked to chemical weapons activities, ISIS or its affiliates, and Iranian proxies.
U.S. firms are gearing up for work in Syria. Baker Hughes, Hunt Energy, and Argent LNG will develop a masterplan for Syria’s oil, gas, and electricity sector, Argent LNG chief executive Jonathan Bass told Reuters in July.
By Tsvetana Paraskova for Oilprice.com
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